Việt Nam, India strengthen business ties to boost trade
Việt Nam, India strengthen business ties to boost trade
The business meeting provided a valuable opportunity for direct engagement, allowing participants to gain deeper insights into the Vietnamese and Indian markets and laying the groundwork for sustainable trade expansion.
An overview of the B2B session at the Việt Nam – India business meeting. — VNA/VNS Photo |
A Việt Nam – India business meeting was held in New Delhi on March 26 to help Vietnamese enterprises enhance competitiveness and expand their presence in the Indian market, thereby contributing to bilateral trade and investment links.
Speaking at the event, Ranjeet Mehta, Secretary-General and CEO of the PHD Chamber of Commerce and Industry (PHDCCI), highlighted the significant trade potential between Vietnamese and Indian businesses, particularly in agriculture, information technology, artificial intelligence and robotics. He noted that the PHDCCI provides multi-sectoral platforms across India, helping to facilitate business exchanges between the two countries.
Lê Hồng Minh, Director of the Investment Promotion Centre for Industry and Trade under Việt Nam’s Ministry of Industry and Trade, suggested several measures for boosting business collaboration.
He emphasised the importance of maximising trade opportunities under existing deals such as the Việt Nam – India economic and trade cooperation agreements and the ASEAN – India Trade in Services Agreement, as well as enhancing trade promotion efforts through digital transformation and information technology application.
It is necessary to step up trade promotion across various stages, from product development, investment promotion, brand building, to export market expansion, while increasing information sharing by keeping businesses updated on each country's trade and investment policies. Mechanisms for mutual visits and networking initiatives should also be established to foster deeper and more productive partnerships, he added.
Minh expressed confidence that Vietnamese and Indian businesses will continue to leverage their strengths and unlock new opportunities for economic cooperation, contributing to the sustainable development of the two countries' Comprehensive Strategic Partnership.
Việt Nam's Trade Counsellor in India Bùi Trung Thướng described the meeting as a practical step to implement the outcomes of Prime Minister Phạm Minh Chính’s visit to India, during which the two sides agreed to raise bilateral trade to US$20 billion by 2030.
The nearly 30 Vietnamese companies present at the event represented key industries with strong growth potential in India such as food processing, light industry, agricultural products, electronics and textile - garment.
The meeting provided a valuable opportunity for direct engagement, allowing businesses to gain deeper insights into each other’s markets and laying the groundwork for sustainable trade expansion, he added.
Participants took part in a B2B session where they directly met one another to establish useful connections for future collaboration.
Việt Nam – India trade relations have been growing steadily in recent years. Bilateral trade reached $15 billion in 2024, an increase of 4.5 per cent from 2023. In particular, Việt Nam’s exports to India amounted to $9.06 billion, up 7.6 per cent year-on-year, and the country spent $5.83 billion on importing goods from India, down 0.6 per cent, according to the Department of Việt Nam Customs.
- 14:40 27/03/2025
